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Business Risk Management

Risk management is not the responsibility of a single entity — it is the responsibility of everyone. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods. This brings in need
for robust risk management programs. Financial risks have probably never been more acute. Capital reserves, credit portfolios, investment policies and capital and debt profiles all demand constant scrutiny to adequately manage and mitigate risk. Companies
should also be vigilant about risks presented by suppliers.

Fraud risks can also increase when cash is tight. Are your systems and policies sufficiently robust to ward off the risk of fraud. At the same time, many companies are more likely to pursue litigation for losses that they would otherwise endure in more
prosperous times. With all these demands, internal audit is in many companies often elevated from pure compliance to a function that regularly reviews the risk profile for emerging risks and identifies trends as it keep its finger on the pulse of business
performance. The chief risk officer, meanwhile, becomes increasingly involved in strategic decision-making where the emphasis is as much on risk as it is on growth

The risks of operating in global capital markets have never been more apparent. Financial product innovation drove opportunity, but the complexity of these products and the assumptions of many management teams obscured the risks many organizations were
taking. As a result, the accuracy of financial models for decision-making and financial risk measurement has never been more important.

Operational risks are taken regularly by organizations, and are viewed as a normal cost of doing business. The key is to effectively manage these risks within a tolerable range of performance and avoid the rare but potentially catastrophic headline-grabbing
situations that can threaten organizational existence. Operational risks must also be managed in an efficient and increasingly integrated manner, reflecting the growing stakeholder and regulatory demands for additional assurance processes.